Firm hopes the move will make its stock more attractive; shares close 7.5% higher

Blackstone Group LP said it would abandon its partnership structure and become a corporation, a move some publicly traded peers have taken in an effort to expand the ownership of their stocks.

For private-equity firms, a conversion to a so-called C corporation became a realistic option after Congress passed the new tax law in late 2017, which lowered the highest corporate rate to 21% from 35%.

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